JP Morgan buys OTC commodity derivatives business from UBS

U.S. bank JP Morgan Chase & Co , which plans to stop trading in physical commodities, has bought the over-the-counter business in commodity derivatives of Switzerland’s UBS AG, the banks said on Tuesday.
The deal excluded precious metals and index-based trades, but included hedge positions on financial exchanges, UBS said in a statement. No financial details were released………………………………………..Full Article: Source